ICBC Ties with UnionPay and Visa to Launch Credit Card in the U.S.
The Industrial and Commercial Bank of China (ICBC) has launched its first credit card in the United States in hopes to target Chinese people who are living and working in the US and to further promote tourism between the two nations. Two networks UnionPay and Visa offer the new credit card and by working with Visa it offers newcomers to the US that have limited credit history to get a credit card and assimilate to the culture in the US.
ICBC is offering two levels of cards for both the network brands, one is the Preferred customers that earn 1 percent cash back on their spending and Premier customers with VIP benefits tht have accelerated cash back. This launch is a milestone for the international expansion of ICBC, which is significant to the bank’s credit card footprint and its rising global status. The issuance of the credit card in the US is ICBC first major commitment in boosting the US-China economic exchange and to serve its local customers. The CEO of UnionPay International Cai Jianbo, stated before the launch that Chinese customers working and living in the US find the new credit card useful due to its familiarity and so will Americans that travels for business in China or other Asian countries near them.
The new credit card is also launched as part of the cooperation of the China National Tourism Administration office in New York and ICBC for the China-US Tourism Year for 2016. They hope that more and more exchange of this type between two countries and from UnionPay’s perspective through their networks to provide a safe and more secure payment options to frequent business travelers.